Maarten Wetselaar, Cepsa’s CEO, outlined the company’s strategic strategy for the next decade this week, emphasizing his dedication to green hydrogen. In this regard, he believes that this energy source will provide a chance for Spain’s “reindustrialization,” since it will provide “the cheapest green hydrogen in Europe.”
Wetselaar believes that this form of energy will be price competitive by the end of this decade and that its reduced production cost in Spain will attract other enterprises on the continent and allow it to be exported to other countries.
Green hydrogen is produced by electrolyzing water with renewable energy sources and emitting low levels of pollution into the atmosphere. Gray hydrogen, which is produced by converting natural gas vapor and making it considerably more polluting, is now the most popular.
According to Wetselaar, the corporation would invest 8,000 million euros over the next ten years, with 60 percent going to sustainable initiatives. Furthermore, he states that the investment will be funded by cash flow.
In terms of the present oil situation, the CEO believes that a shortage is “extremely improbable” since “there is enough diesel in the globe,” and that “Spain has more refining capacity than many other European nations.”
In this regard, he believes that costs “will continue to be high, in the region of 70 to 130 dollars,” prompting businesses to shift to renewable energy sources.
Furthermore, the oil will become a more isolated energy source over time. In this regard, Wetselaar points out that Spain has set a deadline of 2035 for the registration of internal combustion cars, after which he expects Cepsa to stop selling gasoline “throughout the 2040s, although many service stations will have stopped doing so before.”
